Seeking Wisdom
Seeking Wisdom
Nov 14, 2018
#Exceptions 8: How First Round Capital Bet on Brand to Change the VC Industry
Play • 38 min
First Round Capital is one of the most widely loved venture capital firms in tech -- no small feat for a VC firm to claim. Through their platform (VC for brand marketing and value-add projects), they've built the Harvard Business Review-of-Startups, hold 80+ events per year for their portfolio companies, and even help founders pitch them through a program called Pitch Assist. Today, host Jay Acunzo talks to First Round partner Bill Trenchard and how and why FRC bets on brand (and how that changed the VC world for good). We also hear from the founder of a growth-stage startup, Lloyd Tabb of Looker, who describes his experience with Bill and the First Round brand. Before you go leave a ⭐⭐⭐⭐⭐⭐ review and share the pod with your friends! Be sure to check out more insights on the Drift blog at drift.com/blog and find us on Twitter @davegerhardt, @dcancel and @seekingwisdomio. In This Episode: 1:00 - Overview of #Exceptions 2:02 - First Round Capital 4:40 - What do entrepreneurs think of First Round Capital? 7:30 - First Round’s alignment with entrepreneurs 9:00 - First Round’s programs & network of professionals 11:30 - Good behavior under stress: living out brand values 13:20 - Today’s big idea: Thinking long-term 15:11 - “What’s in it for the customer?” 19:20 - Shared experience & empathy 23:00 - Evaluating investment opportunities through empathy 24:33 - Companies with the best customer experience 27:28 - The ugly duckling vs. the swan 28:39 - Hacks vs. the long view 32:00 - Two tactics for handling the hard times in a VC 35:00 - Bill’s hard conversation with a founder 36:00 - Key learning points from this episode
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